The Pakistan Industrial Credit and Investment Corporation (Picic) has plans to introduce new financial products, including launching of a new mutual fund, 'Monthly Income Open-end Mutual Fund' for senior citizens, SME/Islamic financing scheme, creation of Picic industrial town, and bidding in privatisation of NIT portfolio.
According to Corporation report, Picic has plans to open Islamic banking branches, establishment of 'Picic Academy' for banking and financial sciences, establishment of Takaful insurance and launching of a new mutual fund in 2006.
To go a further step, Picic has contemplated celebrating 'Golden Jubilee year of Picic', inauguration of Picic held office building, launching of a new mutual fund in 2007.
Likewise, Picic has also prepared a scheme to float a modaraba and launch a new mutual fund in 2008.
In 2005, Picic has envisaged merger of Picic Commercial Bank into Picic, and establishment of life insurance company.
To meet the challenges of the changing national and business scenario, in 2000, Picic embarked upon 5 years business development plan 'Picic vision 2005'. To implement its future plans, Picic has prepared 'Vision 2005'.
As the first agenda item of the vision paper, Picic commenced leasing business; second achievement under the vision Picic acquired 60 percent shares along with management control of former Gulf Commercial Bank which is now know as Picic Commercial Bank, and third achievement was commencement of consumer financing business.
Picic claims that it has achieved a landmark achievement under the vision of acquired management right of Investment Corporation of Pakistan (ICP) Lot-B & SEMF Mutual Funds which quantified its targets.
The report claimed that Picic achieved all the targets of 'Vision 2005'.
During 2004, Picic established an asset management company namely Picic Asset Management Company Limited and non-life insurance namely Picic Insurance Limited. Establishment of modaraba Call Centre was planned which is in operation.
Picic also introduced new less financing products namely Picic Power, CNG stations and Picic tourism.
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